Foster City, CA-based SteelWave acquired a multifamily development site on Los Angeles’ Westside, and plans to build more than 140 residences. The 1.2-acre site, located at La Tijera and 74th St. in Westchester, marks SteelWave’s first residential development acquisition.

The company expects to break ground this month, with completion slated for 1Q 2018. The project is planned to include one- and two-bedroom units, 13 below market units, a pool, a club/sports bar and a state-of-the art gym.

SteelWave’s Barry DiRaimondo says, “This is a new chapter for our firm. We’re not abandoning what we’ve done so well in the commercial arena for the past 40+ years, but rather we’re adding to it by broadening our scope.” The firm is eying future location-driven deals in its existing markets in the Northwest, California, Colorado and Texas.